Why Do Foreign Exchange Specialists Offer Cheaper Rates Than Banks?
If you are doing some research into methods of transferring money abroad, you might have come across some foreign exchange specialist companies and discover that their prices compare quite favourably to other options. Why is transferring money abroad with a foreign exchange specialist company often cheaper than using a bank?
One of the reasons why foreign exchange specialists can make transferring money abroad cheaper than banks is because they buy currency in bulk. When a company such as this deals with large amounts of bulk currency they can afford to get a lot closer to the interbank rate than most high street banks will be able to. This can save their clients up to 1-5% per transaction.
Foreign exchange specialists also work with live rates. This can reduce the cost for the customer as well. Another reason why foreign exchange specialists can make transferring money abroad so much cheaper is because they will not charge the transfer fees that banks do. Your bank will likely charge you a transfer fee of between £10 and £25 per transaction. This can add up, especially if you are transferring money abroad several times per year.
These reasons all contribute to why you will see cheaper rates for transferring money abroad offered by companies that specialize in foreign exchange.
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